Trump’s trade war hits the one thing that was working – energy exports to China: Russell

Clyde Russell – LAUNCESTON, Australia (Reuters) – U.S. President Donald Trump claims that his tariffs on trade are “working big time”, but this ignores signs that the best hope the United States had for boosting exports to China is being crushed as Beijing clamps down on energy imports. One of Trump’s stated aims in launching tariffs against Chinese imports was to lower the trade deficit between the United States and China, which is in the region of $375 billion a year. The Trump administration has imposed tariffs on $34 billion of annual trade with China, with $16 billion more due to be implemented in coming days. China has matched the $34 billion and proposed charges on $60 billion more. In a potentially massive escalation, Trump has threatened to impose tariffs on over $500 billion of Chinese goods – virtually all of China’s annual exports to the United States. “Tariffs are working big time,” Trump said in a tweet on Sunday. “Every country on earth wants to take wealth out of the U.S., always to our detriment. I say, as they come, tax them.” The latest Chinese response included proposed tariffs on liquefied natural gas (LNG). The fuel now joins crude… continue reading